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Forex Trading, Market News & Technical Analysis

Forex Trading: Asian Session Recap and Ranges

The AUD/USD has seen another dramatic sell-off this morning as it pierced support at 0.9580 and fell to its lowest level in 19 months. The narrowing of yield spreads between Australia and US is being cited as the reason for the decline. In addition to the yield story, weaker Australian economic data coupled with stronger US economic data has this pair squarely on the defensive. The momentum is such that a sharp move down to 0.93 cannot be discounted especially if upcoming economic data such as capital expenditure and first-quarter GDP underwhelm and if the RBA were forced to cut interest rates again when they meet next week. USD/JPY which had made its way back up to test resistance at 102.50 overnight, fell back to trade around 102.20 as a weaker than expected retail sales report sent the Japanese stock market lower.

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